The intelligencer. [volume] (Lexington, Mo.) 1887-1891, 1887-12-10

borne in mind that premiums must OF
course be paid upon such purchase,
that there may be a large part OF these
bonds held as investments which can
not be purchased at any price, and that
combinations among the holders who
are willing to sell may unreasonably
enhance the cost Of such bonds to the
government.
1t has been suggested that the present
bonded debt might be refunded at a
less rate of interest, and the difference
between the old and new security paid
in cash, thus finding use for the surplus
in the treasury. The success of this
plan, it is apparent. must depend upon
the volitiOn of the holders of the pres
ent bonds; and it is not entirely certain
that the inducement which must be
offered them would result in more
financial benefit to the government than
the purchase of bonds, while the latter
proposition would reduce the principle
of the debt by actual payment, instead
of extending it.
The proposition t deposit the money
held by the government in banks
throughout the country for use by the
people is, it seems to me-, exceedingly
Objectionable in principle, establishing
too close relationship bet " een the op-
erations of the government treasury
and the business of the country, and
too extensive a commingling of their
money, thus fostering al unnatural re-
lance in private business upon public
funds. l fthis scheme should be adopt
ed it should only be done as a tempo
rary expedient to meet an ulgent neces-
sity. Legislative and executive effort
should generally be in the opposite di-
rec:ion and should have a tendency TO
divorce, as much and as fast as can
safely be done. the treasury department
from private enterprise. OF course it
is not expected that unnecessary and
e~Xtravasant appropriations will be
made for the purpose of avoiding the
accumulation OF an excess of revenue
Such expenditure, beside the demorali-
cation of all just conceptions of public
duty which ii entails, stimulates a habi
Of reckless i~mprovidence not in the
least consistent with the mission of our
people or the high and beneficent pur-
poses OF u government.
GRAvE FINANCIAL SITUATION.
| have deemed IT my duty 10
thus bring to the knowledge of my
countrymen, as well as 10 the attention
of their representatives charged with
the responsibility of legislative relief,
the gravity OF our financial situation.
The failure of the congress heretofore
to provide against the dangers which
it was quite evident the very nature of
the difficulty must necessarily produce,
caused q condition of financial distress
and apprehension since Your last ad-
iournment which taxed to the utmost
all the authority and espedienis within
executive control and these appear now
to be exhausted. If disaster results
from The continued inaction of con-
gress the responsibility must rest where
it belongs.
THE CAUSE.
Though the situation thus far con
sidered is fraught with danger which
should be fully realized, and though it
presents features of wrongs TO the peO-
pie as well as peril to the country, it is
but a result growing out of a perfectly
palpable and apparent cau:e constantly
reproducing the same alarming circum-
stances-a congested national treasury
and depleted monetary condition in the
business of the country. 1t need hard
ly be stated that while the present stu
alton demands a remedy, we can only
be saved from a like predicanent in tho
future by the removal of its cause.
OUR SCHEME OF TAXATION.
Our scheme of taxation, by means of
which this needless surplus is taken
frppo tho noNrla md mt into tho nrhl1n ,
treasury, consists of a tariff or duty
levied upon i%mportations from abroad,
and internal revenue taxes levied upon
the consumption of tobacco and spiritu-
Gus and malt liquors. 1t must be CON-
coded that non of the things subjected
TO internal revenue taxation are, strict
ly speaking necessaries, there appears
TO be no just complaint of this taxation
by the OF these articles and
there seems to be nothing SO we'll able
to bear the burden without hard
ship to any portion of the people.
THE TARIFF LAWS.
But our present tariff laws, the vic
ious, inequitable and illogical source
of unnecessary taxation, ought to be at
once REVISED and amended. These
laws, as their primary and plain effect,
raise the price to of all arti-
cles imported and subject to duty, by
precisely the sum paid for such duties.
Thus the amount of the duty measures
the tax paid by those who urchase for
use these imported articles. Many of
these things, however, are raised OR
manufactured in our OWL country, and
the duties now levied upon foreign
goods and products are called prOtec-
ton to these home manufacturers, be-
cause they render it possible for those
of our people who are manufacturers,
to make these taxed articles and sell
them for a price equal to that demand
ed for the imported goods that have
paid custom duty. So it happens that
while comparatively a few use the i'm
ported articles, millions of our people,
who never use and never saw any of
the foreign products, purchase and use
things Of the same kind made in this
country and pay therefor nearly quite
the same enhanced price which the duty
adds to the imported articles. Those
who buy imports pay the duty charged
thereon into the public treasury, bnt
the great majority OF our citizens, who
buy domestic articles OF the same class,
pay q sum al iCaSh ditioAthidACiy SiutI
10 Ibis duty to the home manufacturer.
The reference TO the operation of our
tariff laws is not made by way OF in
struction. but in order that we may
be constantly reminded of the manner
in which they impose & burden upon
those who consume domestic products
as well as those who consume imported
articles, and thus create u tax upou all
our people.
TARIFF Rw-ApJUSTMENT.
1t is no proposed to entirely relieve
the country OF this taxation. Ii must
he extensively continued as the source
OF the governments income; and in a
REIMBURSEMENT OF our tarin the inter
ests of American labor engaged In
manufacture should be carefully con-
sidered, as we'll as the preservation OF
u manufactures. 1t may be called
protection or by any other name, but
relief from the har;iehips end dangers
OF onr present tariil laws. siloula be
devised with especial p~recantion against
imperiiiing the existence of our manu-
featuring interests. But this existence
should not E.ean a condition which,
without regard To the pi.bliG welfare or
a national eyigency, mnst always in
sure the realization of immense profits
instead of moderately profitable re-
turns. AZ the volume and diversity OF
our national activities increase. new